(a) Beginning March 15, 2024, a student financing company shall register with the Commissioner as a student financing company before providing services in the State.

(b) An application for registration shall include:

(1) The student financing company’s name;

(2) The student financing company’s address;

(3) The name of all officers, directors, partners, and owners of controlling interests of the student financing company;

(4) The addresses of all officers, directors, partners, and owners of controlling interests in the student financing company; and

(5) Any other information that the Commissioner requires by regulation.

(c) A student financing company shall renew its registration on an annual basis, and may be required to pay a fee at the time of renewal.

(d) The Commissioner may adopt and enforce:

(1) Registration procedures for student financing companies, which may include the use of NMLS;

(2) Registration fees for student financing companies, which may include fees for the use of NMLS, to be paid directly by the student financing company;

(3) Procedures and fees for renewing a student financing company’s registration, which may include fees for the renewed use of NMLS, to be paid directly by the student financing company; and

(4) Alternate registration procedures and fees for institutions of postsecondary education that offer student financing products.